Crypto.com suspected of transferring $16 million in SHIB to Binance

This is the largest daily inflow of the asset to the crypto exchange since February 2022

30.11.2022 - 14:45

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What’s new? On November 29, the largest daily influx of Shiba Inu (SHIB) tokens to the Binance crypto exchange since February 2022 was recorded. The platform received 1,8 trillion SHIB worth $16 million. The transfer was made in two transactions from an address purportedly owned by the Crypto.com exchange. Each of the transactions amounted to 900 billion SHIB. CoinDesk reports citing data from analytics companies Glassnode and Dune Analytics.

CoinDesk’s material

Community reaction. Analysts at Lookonchain commented on the transfers to Binance, suggesting that Crypto.com intends to sell some of its SHIB.

1 hour ago, https://t.co/INIxikglp6 transferred 1.8T $SHIB($16M) to #Binance.According to previous analysis, https://t.co/INIxikglp6 holds 58T $SHIB($531M), accounting for nearly 20% of total assets.So now he is going to sell part of $SHIB?https://t.co/FmCqwE2A4e pic.twitter.com/TLgPbc5t0N — Lookonchain (@lookonchain) November 29, 2022

Another Twitter user reported the sale of SHIB at a loss due to a significant influx of funds to Binance.

I m closing my #SHIB positions in loss.Some Major inflows are detected.That’s why it’s better to close this trade in minor losses.Mid term and long Holders hold this meme token.I m a short term trader I can’t wait so long. — Malik Israr Ahmad (Trader) (@Israr_Ahmad___) November 30, 2022

Earlier, Crypto.com began publishing information about the composition of its reserves in real-time. As of November 30, the platform has $3,5 billion in assets on its balance sheet, of which 14,13% are SHIB tokens. Since November 11, the meme coin’s share in the exchange’s reserves has decreased by 6%.

What is known about Shiba Inu? It is an Ethereum blockchain-based token issued under the ERC-20 standard. It was launched by an anonymous individual or group of developers under the pseudonym Ryoshi in August 2020 as an alternative to Dogecoin (DOGE), the mascot is also a Shiba Inu dog. In Q3 2022 SHIB became the second most popular among investors, the number of holders increased by 269% compared to 2021. As of 14:45 UTC, the asset is trading at $0,000009, having gained 1,2% in 24 hours, according to Binance.

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